As the U.S. home foreclosures crisis deepens, and mortgage banks and lenders sit on the edge of bankruptcy in the United States and in Europe, Congressional sources say that efforts to act on the crisis are being distorted by tremendous pressure on Congress from the hedge funds, investment banks, and their lobbiespressure for a huge bailout of the funds by government housing agencies.
Such a bailout, under the guise of ``helping homeowners avoid foreclosure,'' would do no such thingthe admitted failure of a $100 million Ohio state mortgage refinancing plan, since May, has shown that. But it would turn Fannie Mae, Freddie Mac, the Federal Housing Administration, into so many additional Federal Reserve Banks, injecting hundreds of billionsas the Fed has already been doinginto a bailout of the hedge funds and their partners, the Wall Street investment banks, which created the monstrous speculative bubbles based on housing mortgages.

March 23, 2007
EIR News Service announced the publication ofThe Anatomy of Russian Capitalism,
by Professor Stanislav M. Menshikov.Translated from the Russian by Rachel Douglas, the book is an authoritative study of the Russian economy during the first 15 years after the break-up of the Soviet Union. The Preface, by EIR founder and contributing editor Lyndon LaRouche, titled, "Russia's Next Step," poses the need for U.S. policy-makers to study and grasp the "disease" presented in this book, since it represents "an economic global pandemic which we must all join to defeat."

National

On a Fateful September Weekend:
This New Millennium of Ours!Lyndon H. LaRouche, Jr. writes on the occasion of his 85th birthday. If we can muster the resolution to make emergency agreements among sovereign nations now, he writes, to deal effectively with the global financial-economic crisis, 'we will probably have defined the hopeful future for all mankind for at least a millennium to come.'

Vitus Bering and the Rediscovery of America The man after whom the Bering Strait was named, was an intrepid Danish explorer (1681-1741), who helped carry out Leibniz's dream investigating the border between Asia and North America, as a way to promote the development of both.

Science & Technology

Maglev: Transport Mode for the 21st CenturyDrs. James Powell and Gordon Danby tell how magnetic levitation can revolutionize world transport, in this article reprinted from 21st Century Science & Technology, Summer 2003. This article was presented as part of the proceedings of the Schiller Institute's Sept. 15-16, 2007 conference in Kiedrich, Germany.